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VietNamNews

Shares surge after long holiday

Update: January, 31/2012 - 08:56

 

Staff at Bao Viet Securities help a customer with a transaction. — VNS Photo Viet Thanh
HA NOI — Shares surged on both of the nation's stock exchanges yesterday, the first day of trading following the long Tet (lunar new year) holiday, as Minister of Finance Vuong Dinh Hue dropped in on the floor of the Ha Noi Stock Exchange.

Hue told traders that the ministry consistently viewed the stock market as a medium- and long-term channel for raising capital, alongside the credit market. Dramatic measures by the ministry to reorganise the market would ensure transparency and boost stable growth, he said.

"The State will also create favourable conditions for enterprises to improve competitiveness and efficiency," said Hue, adding that the core of Government support for enterprises would include tax breaks, credit incentives, and support for corporate bond issues.

The ministry was working with other agencies and international institutions to establish credit rating criteria for businesses, he said. "This is a key factor to develop the corporate bond market, which will in turn help strengthen the securities market."

Hue also vowed that his ministry this year would further hasten the equitisation of State-owned enterprises.

On the HCM City Stock Exchange yesterday, the VN-Index concluded the session at 384.94 points, an increase of 3.2 per cent over the last session before Tet. The value of trades decreased by 12 per cent, however, totalling just over VND296 billion (US$14.1 million) on a volume of nearly 21.6 million shares.

Nearly three quarters of all shares closed higher, with half rising to by the daily limit of 5 per cent. Of the 10 leading shares by capitalisation, seven soared to their ceiling prices, including insurer Bao Viet Holdings (BVH), Phu My Fertilisers (DPM), food processing giant Masan Group (MSN), steelmaker Hoa Phat Group (HPG), PetroVietnam Finance (PVF) and real estate developers Hoang Anh Gia Lai (HAG) and Vincom (VIC).

Saigon Securities Inc (SSI) became the most-active share with 1.8 million traded before it hit its ceiling price of VND15,000 ($0.70).

On the Ha Noi Stock Exchange yesterday, the HNX-Index also rose by 1.54 per cent to conclude the session at 59.34 points. The value of trades declined slightly to about VND156.5 billion ($7.4 million) on a volume of 19.3 million shares. However, advancers outnumbered decliners by 168-59.

Shares of VNDirect Securities Co (VND) continued to be the most attractive to investors as over 2.6 million shares changed hands. VND closed 2.9 per cent higher at VND7,100 ($0.35) per share. — VNS

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